§ 97-p. Community college tuition and instructional income fund. 1.
There is hereby established in the custody of the commissioner of
taxation and finance a special account to be known as the "community
college tuition and instructional income fund."

2. All moneys (i) received by any local sponsor of a community college
or any community college from tuition and instructional fees received
from students attending any such community college, (ii) appropriated or
made available by any local sponsor of a community college pursuant to
the provisions of subdivision five of section sixty-three hundred four
of the education law, and (iii) appropriated or made available from any
state aid or other financial assistance provided to a local sponsor or
community college by the state of New York, to the extent such moneys
are either (a) assigned by the local sponsor of such community college
to the dormitory authority, or (b) payable to the dormitory authority
pursuant to an agreement entered into by the dormitory authority and the
state university of New York pursuant to subdivision twenty-one of
section sixteen hundred seventy-eight of the public authorities law and
paragraph x of subdivision two of section three hundred fifty-five of
the education law shall be paid over to the commissioner of taxation and
finance and such funds shall be deposited by the commissioner of
taxation and finance to the credit of the community college tuition and
instructional income fund.

3. Moneys in the community college tuition and instructional income
fund shall be kept separate and shall not be commingled with any other
moneys in the hands of the commissioner of taxation and finance. All
deposits of such moneys shall, if required by the commissioner of
taxation and finance, be secured by obligations of the United States or
of the state of market value equal at all times to the amount of the
deposit and all banks and trust companies are authorized to give such
securities for such deposits.

4. Subject to the terms of any agreement between any local sponsor and
the dormitory authority, or between the state university of New York and
the dormitory authority, any such moneys in the community college
tuition and instructional income fund may, in the discretion of the
commissioner of taxation and finance, be invested by the commissioner of
taxation and finance in obligations of the United States or the state or
obligations the principal and interest of which are guaranteed by the
United States or the state, or in certificates of deposit fully secured
by similar obligations, or in accordance with the provisions of section
ninety-eight-b of this article.

5. The commissioner of taxation and finance shall at all times
maintain on deposit in the community college tuition and instructional
income fund the aggregate amount of money needed by each local sponsor
to comply in full with each obligation of each local sponsor under the
terms of each lease, sublease or agreement of each local sponsor with
the dormitory authority or with the terms of any agreement between the
state university of New York and the dormitory authority, which is then
in effect until the next succeeding June thirtieth.

The commissioner of taxation and finance shall make payments from the
moneys on deposit in the community college tuition and instructional
income fund to the authority in amounts and at the times required by
each obligation of each local sponsor under the terms of each lease,
sublease or agreement of each local sponsor with the dormitory authority
or at the times required by any agreement between the state university
of New York and the dormitory authority which is then in effect.

6. The commissioner of taxation and finance shall from time to time
but in no event later than the last day of each month of each year pay
over to each community college the moneys in excess of the amount of
money required to be maintained in the community college tuition and
instructional income fund pursuant to subdivision five of such section,
except those moneys resulting from the investment of funds paid by the
state of New York pursuant to the provisions of subdivision eight of
section sixty-three hundred four of the education law which moneys shall
be a credit to the state against future payments pursuant to such
statute. Prior to making any such transfer, the commissioner of taxation
and finance shall make and deliver to the director of the budget, the
chancellor of the state university and the dormitory authority his
certificate stating the amount to be maintained on deposit in the
community college tuition and instructional income fund for each
community college to comply in full with the provisions of subdivision
five of this section.

7. The provisions of this section shall not apply to the local sponsor
of any community college in the city of New York or to any community
college in the city of New York.